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NewsVegoils Palm extends gains for 3rd day to touch near 6-mth high
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Vegoils Palm extends gains for 3rd day to touch near 6-mth high
by Cals Tue 22 Dec 2015, 22:53
- Vegoils
[size=28]Palm extends gains for 3rd day to touch near 6-mth high
By Reuters / Reuters | December 22, 2015 : 7:05 PM MYTKUALA LUMPUR (Dec 22): Malaysian palm oil futures extended gains for a third day on Tuesday to mark their highest in nearly six months, buoyed by low production data from a regional palm oil association.
The benchmark palm oil contract for March on the Bursa Malaysia Derivatives Exchange closed 1% higher at RM2,468 (US$575.29) a tonne. It earlier touched an intraday high of RM2,473, its highest since June 26.
"The knowledge of a huge production drop on the southern side" propped up the market this morning, said a Kuala Lumpur-based trader, referring to output in the Peninsular Malaysian southern state of Johor, which fell 22% from Dec 1–20 compared with last month.
"Export demand will be unchanged or slightly better in January, so the market will be rangebound between RM2,300 and RM2,500 a tonne until then."
Traded volume stood at 32,616 lots of 25 tonnes each at the end of Tuesday's trading day.
Malaysian shipments for the tropical oil fell this month on low consumer demand, contributing to record high stockpiles of near 3 million tonnes at the end of last month.
Cargo surveyors Intertek Testing Services and Societe Generale de Surveillance reported a near 25% drop in exports from Dec 1–20 compared with the same time a month ago.
In other vegetable oil markets, the US January soyoil contract fell 0.03%, while the May soybean oil contract on theDalian Commodity Exchange gained 1%.
Palm, soy and crude oil prices at 1006 GMT
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| Contract | Month | Last | Change | Low | High | Volume |
| MY PALM OIL | JAN6 | 2290 | +18.00 | 2270 | 2290 | 703 |
| MY PALM OIL | FEB6 | 2396 | +20.00 | 2372 | 2402 | 2216 |
| MY PALM OIL | MAR6 | 2468 | +25.00 | 2438 | 2473 | 16362 |
| CHINA PALM OLEIN | MAY6 | 4714 | +100.00 | 4670 | 4726 | 979918 |
| CHINA SOYOIL | MAY6 | 5630 | +56.00 | 5598 | 5656 | 708270 |
| CBOT SOY OIL | JAN6 | 30.75 | +3.50 | 30.66 | 30.90 | 5501 |
| INDIA PALM OIL | DEC5 | 403.40 | +3.50 | 398.60 | 404.80 | 776 |
| INDIA SOYOIL | JAN6 | 623.50 | +3.75 | 619.10 | 624.50 | 26230 |
| NYMEX CRUDE | FEB6 | 36.02 | +0.21 | 35.76 | 36.26 | 33190 |
(US$1 = RM4.2900)
(US$1 = 66.3000 Indian rupees)
(US$1 = 6.4778 Chinese yuan)
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